Limited move in the USDCAD after BOC rate cut

The price action in the USDCAD has been limited after the cut in rates by 25 basis points from the BOC.

Looking at the 4-hour chart, the price remains in the topside swing area between 1.3784 and 1.3803. A move above the high should lead to more upside momentum with the high for 2024 at 1.3844 the next upside target.

Move below 1.3784, and we could see some disappointment and the inability to break above the high of the Red Box, that has confined the pair mostly since April.

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This article was written by Greg Michalowski at www.forexlive.com.